Get access to the exclusive HR Resources you need to succeed in 2018!
SHRM board member David Windley discusses how unconscious bias can derail workplace diversity efforts.
Is your employee handbook keeping up with the changing world of work? With SHRM's Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Build competencies, establish credibility and advance your career—while earning PDCs—at SHRM Seminars in 12 cities across the U.S. this spring.
#SHRM18 will expand your perspective – on your organization, on your career, and on the way you approach HR. Join us in Chicago June 17-20, 2018
Study finds a 19 percent increase in specialty-drug spending in 2012
Spending on high-cost specialty drugs used to treat complex diseases such as cancer jumped by more than 19 percent in 2012 among members of pharmacy benefit manager (PBM) Prime Therapeutics LLC. In contrast, Prime experienced a 0.9 percent drop in traditional (all nonspecialty) drug spending last year.
A new report by the PBM,
Specialty: Today & Tomorrow, highlights specialty-drug costs over the past year and recommends strategies to manage their steady rise.
“With the rising use of specialty drugs, the days of 1 to 2 percent increases in annual drug spending are nearing an end,” said Peter Wickersham, Prime’s senior vice president of cost of care. “We are clearly entering a time of higher costs, and plan sponsors that act now will be in the best position to assure quality care for their members while managing these high costs.”
Specialty drugs now account for 30 percent of total drug costs; Prime predicts they will reach 50 percent of total drug spending by 2018.
The following cost-controlling steps are outlined in the report:
Short videos about each of these steps are on Prime’s YouTube channel.
“Plan sponsors that are best managing specialty costs have the above actions in common,” said Duane Barnes, Prime’s senior vice president of consumer delivery. “By deploying these steps and taking a comprehensive approach to understanding specialty costs, plans can help their members access these important medicines and use them safely and effectively.”
is an online editor/manager for SHRM.
Related External Article
Related SHRM Articles
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Your session has expired. Please log in again before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
SHRM Member Discounts Program
SHRM’s HR Vendor Directory contains over 3,200 companies